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LONG-TERM DEBT | 6 Months Ended
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Jun. 30, 2024
LONG-TERM DEBT [Abstract] |
LONG-TERM DEBT | 3. LONG-TERM DEBT Long-term debt consists of the following:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Dollars in Thousands
​ |  | June 30, 2024 |  | December 31, 2023
Connecticut Department of Economic and Community Development (DECD) | ​ | $ | 131 | ​ | $ | 146
DECD debt issuance costs | ​ |  | (11) | ​ |  | (12)
Financed insurance loan | ​ |  | — | ​ |  | 207
Business loan agreement | ​ | ​ | 221 | ​ | ​ | —
Total long-term debt | ​ |  | 341 | ​ |  | 341
Current portion of long-term debt | ​ |  | (249) | ​ |  | (235)
Long-term debt, net of current maturities | ​ | $ | 92 | ​ | $ | 106
​ Department of Economic and Community Development. On January 8, 2018, the Company entered into an agreement with the Connecticut Department of Economic and Community Development (“DECD”) by which the Company received a loan of $300,000 secured by substantially all of the Company’s assets (the “DECD 2018 Loan”). The DECD 2018 Loan is a ten-year loan due on December 31, 2027 and includes interest paid monthly at 3.25%. The maturity date of the DECD 2018 Loan was extended to May 31, 2028 and the modification did not have a material impact on the Company’s cash flows. Amortization of the debt issuance costs were less than $1 thousand for the three months ended June 30, 2024 and 2023, respectively and $1 thousand for the six months ended June 30, 2024 and 2023, respectively. Financed Insurance Loan. The Company finances certain of its insurance premiums (the “Financed Insurance Loans”). In July 2023, the Company financed $0.4 million with a 9.99% interest rate and made payments on a monthly basis through June 2024. As of June 30, 2024 and December 31, 2023, the Financed Insurance Loan’s outstanding balance of zero and $0.2 million, respectively, was included in current maturities of long-term debt in the Company’s condensed consolidated balance sheets. A corresponding prepaid asset was included in other current assets. Business Loan Agreement. On May 1, 2024, the Company entered into a Business Loan and Security Agreement (the “Loan Agreement”) with Altbanq Lending LLC, pursuant to which the Company obtained a loan in the principal amount of $250,000 (the “Secured Loan”). According to the Loan Agreement, the Company granted the lender a continuing security interest in certain collateral (as defined in the Loan Agreement). Furthermore, the Company’s Chief Executive Officer provided a personal guaranty for the Secured Loan. The Secured Loan has a term of one year and an interest rate of 20%, such that pursuant to the Loan Agreement, the Company is obligated to pay the Lender 52 payments of $5,769 on a weekly basis and the total sum of the Secured Loan and interest (not including any fees) shall equal a total repayment amount of $300,000. If the Company defaults on payments then a default fee of $15,000 shall be payable to the lender. The Company has the right, at its discretion, to request the lender to loan an additional amount of up to $250,000 on the same terms and conditions as set forth in the Loan Agreement, provided that there has been no material change in the Company’s finances. ​ As of June 30, 2024 and December 31, 2023, the outstanding balance of $0.2 million and zero, respectively, under the Loan Agreement, was included in current maturities of long-term debt in the Company’s condensed consolidated balance sheets. ​

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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